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Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. WNBA superstar Angel Reese and former NBA superstar Magic Johnson joined forces recently to create Wealth Playbook , a financial literacy program for high school students in Baltimore, MD. The program is a partnership between the Angel C. Reese Foundation, the Magic Johnson Foundation, and Pull Up Neighbor, an advertising firm focused on community outreach. Through the program, students will learn how to manage their money and build long-term wealth. The program is split between four sessions, with beginnings at Saint Frances Academy, Reese’s former high school in Baltimore. The first session was a lesson in budgeting, understanding credit, and basic money-management skills. There’s no denying that financial literacy classes are needed, but who really gets to benefit from them? Both Johnson and Reese have basketball in common, but they are also in a privileged position to have so many resources at...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. A recent study released by Lending Tree revealed that a lot of Americans are using buy now, pay later (BNPL) loans from companies like Klarna and Affirm to buy groceries (25%, up from 14% in 2024). As economic fears mount and uncertainty about the economy continues, people are turning to financing their everyday necessities. But using BNPL loan services is a mistake, especially for those who struggle with debt. BNPL is an interest-free loan, allowing consumers to split their purchase into smaller payments. For those who have an issue with credit cards or deal with debt, this could be an alternative. But if you begin making late payments, you can be charged high fees, which is a problem for those who have multiple loans. While the existence of BNPL loans isn’t necessarily a problem, how they’ve come to be used is concerning. Recently, DoorDash announced its plans to accept BNPL financing through...
The five-year pause is over. And for more than 5 million Americans, it’s about to get real. Starting May 5, the Department of Education will resume student loan debt collection for borrowers in default. These are individuals who haven’t made payments in at least 270 days. After years of pandemic-era relief dating back to 2020, the federal government is flipping the switch back on. This time, it’s bringing wage garnishments, seized tax refunds, and a wave of financial pressure with it. This isn’t just a policy shift for people already juggling rent, groceries, and gas; it’s a potential financial blow. The Government’s Warning Shot About Student Loan Debt ABC News reports that emails will go out to borrowers over the next two weeks. If you’re in default, you’ll be asked to either make a payment or enter a repayment plan. But if you don’t? The government has clarified that it will begin collecting through legal mechanisms like intercepting tax refunds , dipping into Social Security,...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. Billionaire business leaders turned against President Donald Trump as he implemented sweeping tariffs with other countries, which have amounted to billions of dollars lost. Many of the billionaires who have pushed back against the Trump tariffs have also endorsed him for the 2024 presidential election. One of those billionaires, Bill Ackman, warned against tariffs, likening them to an “economic nuclear war” in a post on X (formerly known as Twitter). He also claimed that the tariffs weren’t what he voted for, despite Trump speaking on tariffs early on in the election. How Will Tariffs Affect The American Consumer? Unwarranted tariffs will not only decimate our economy but also hurt our already fragile standing on the world stage. In retaliation, China has raised tariffs on American goods to 125%. Most business leaders, economic experts, and other world leaders are confused over Trump’s misguided...
The Trump administration has repealed a Biden-era policy that guaranteed a baseline wage for workers on federal contracts, cutting the federal contractor minimum wage down from $17.75 an hour. However, the move still leaves an Obama-era rule in place that puts the minimum at $13.30 an hour. With that single change, hundreds of thousands of private-sector workers employed by federal contractors are at risk of wage reductions up to 25% — a shift that will disproportionately affect workers without college degrees and those already earning near-poverty wages, the Center for American Progress reports. The Federal Contractor Minimum Wage: A Lifeline Now Lost The now-defunct regulation, established under Executive Order 14026, raised the federal contractor minimum wage in 2021 to $15 and indexed it to inflation, bringing it to $17.75 in 2025. It was designed to ensure that janitors, cooks, maintenance workers, and other federal contract laborers earned a livable wage. More than 327,000...
President Donald Trump has established an “America first” policy on tariffs and soon big changes will be evident, according to economic forecasting . The tariff war has already had drastic impacts on businesses and the stock market, so there are sure to be others. Along with the controversial federal funding cuts, there are a myriad of moving parts to keep track of as Trump enacts his executive orders. The American people and those abroad keeping abreast of the situation may not be caught up on their international taxation information . For anyone seeking uncomplicated answers, here’s a quick guide to how tariffs work and why they’re so relevant in 2025. How Do Tariffs Work? (Tyler Casey/Unsplash) In a conversation with UChicago News earlier this month, Professor Robert Gulotty explained, “Tariffs are federal taxes, set by Congress, and applied to goods at the border. Unlike income or sales taxes, tariffs vary by product and by the originating country.” These taxes on imported goods...
The global economy is not just shaped by technology or innovation — it’s governed by decisions made behind closed doors, often under the guise of economic strategy. One such decision, the imposition of tariffs, is anything but neutral. It is an instrument of pressure, a marker of priority, and increasingly, a reflection of geopolitical posture. Tariffs have reemerged as a centerpiece of American economic policy, not as quiet fiscal levers but as loud, disruptive statements. The Trump administration’s recent directive — a flat 10% base tariff on all imports and a sweeping set of reciprocal tariffs targeting nearly 90 countries — represents a radical reorientation of U.S. trade policy. In an interconnected world already strained by inflation, global supply chain challenges, and diplomatic fragility, these decisions matter deeply — and immediately. What Are Tariffs? At their core, tariffs are taxes on imported goods, imposed by governments to influence the cost and flow of trade. By...
In a political landscape where economic promises often shift with the news cycle, one topic has managed to grab headlines and public curiosity alike: DOGE checks. Tied to the Department of Government Efficiency (DOGE) — an initiative linked to Elon Musk and President Donald Trump’s administration — the proposed stimulus would direct billions in alleged government savings back to American taxpayers. But is this an actual policy shift or a high-profile thought experiment? Here’s what we know. What Are DOGE Checks? DOGE checks are a proposed stimulus payout drawn from cost-cutting measures implemented by DOGE. Since its launch in January, DOGE claims to have saved the federal government $130 billion by downsizing federal agencies and eliminating redundancies. According to Newsweek, the Trump administration has set a $2 trillion savings goal, with the potential for Americans to receive direct financial benefits from these efforts. The term “DOGE checks” gained traction following a...
The restaurant industry remains in a state of constant uncertainty, and Hooters of America is the latest brand to find itself under scrutiny. According to CNN, the fast-casual restaurant filed for Chapter 11 bankruptcy in a Texas court, formally beginning a 90 to 120-day restructuring process aimed at preserving the brand while retooling its financial foundation. Despite widespread speculation about Hooters’ restaurants closing, the chain clarified that it has no plans to disappear from the casual dining scene. Instead, it’s reorganizing and transferring ownership of over 100 company-owned restaurants to two major franchise groups, one of which includes the brand’s founders. This strategic pivot comes amid a string of high-profile restaurant sector bankruptcies, including Red Lobster and BurgerFi, as businesses grapple with elevated food costs, labor shortages, and shifting consumer behavior. Hooters’ current trajectory reflects economic pressures and deeper, more cultural...
President Trump is back on his trade war wave — and this time, it’s rolling straight through the auto industry. With a fresh round of 25% tariffs on cars and auto parts set to take effect on April 3, people from the auto industry, from C-suites to dealership floors, are bracing for the impact. The administration says it’s about protecting national security and strengthening the U.S. manufacturing base. But if you’re thinking about buying a car this year, or if your job has anything to do with auto production, here’s the truth: You may be paying more, waiting longer, and dealing with fewer options. And that’s just the beginning. Why The White House Is Saying This Is Necessary According to an official statement from the White House, these tariffs on cars are aimed at keeping America safe. The administration is emphasizing that too many imports are “undermining” the “domestic industrial base” and weakening the U.S. supply chain. The idea is to hit foreign-made cars and parts with a 25%...
If you’ve ever hesitated at checkout, wondering whether you need that grocery haul, electronics upgrade, or self-care splurge—you’re not alone. And Klarna, the AI-powered payments and commerce platform, is betting big on that exact moment of hesitation. Klarna has joined forces with DoorDash and Walmart to give shoppers flexible pay options. These strategic partnerships don’t just mark a shift in how we handle money at checkout—they reflect a deeper story about consumer habits, trust, and the evolving economy in 2025. Klarna And DoorDash Team Up According to an announcement from Klarna, DoorDash customers in the U.S. will soon see Klarna listed as a payment option when ordering from the app or website. This will make it even easier to snag groceries, electronics, beauty items, and even the DashPass Annual Plan without having to pay the full amount upfront. The options? Pretty straightforward and stress-relieving: Pay in full at checkout Pay in 4 equal, interest-free installments Pay...
The efforts of a financial institution created to fund underserved farmers is being put on pause. According to a news release, the U.S. Department of Agriculture (USDA) announced in October 2024 the launch of the Southern Farmers Financial Association (SFFA), a bank that would make it easier for underserved farmers to access funding. Black farmers, in particular, face greater challenges in securing loans and often encounter discriminatory practices, Civil Eats mentions. To create better outcomes, Southern Farmers Financial Association r eceived $20 million in funding through former President Joe Biden and former Vice President Kamala Harris’ Inflation Reduction Act, which would support lending and outreach, hiring full-time staff, and attracting private sector capital. “Every farmer needs affordable financing. Farmers must have reliable and consistent access to capital to be successful,” USDA Under Secretary for Rural Development Dr. Basil Gooden said in a news release. “For too...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. The tech industry has faced a wave of shutdowns and layoffs over the past three years, but there may finally be some hope on the horizon. Recently, there’s been an upward trend in companies announcing M&A activity and plans to go public. These announcements not only matter to those who work at or invest in these companies, but they also create opportunities for those looking to break into the tech world—whether as employees or founders. While these signals point to progress, we must not lose sight of the challenges the industry has faced over the past four years—challenges that make even the smallest signs of change feel significant. Following the COVID-19 pandemic, venture capital-backed startups experienced a surge in activity. Historically low interest rates made capital easy to borrow and invest, leading to increased funding for early-stage startups from venture capital firms. Crunchbase...
The thing about economic policies is that they don’t operate in a vacuum. Every decision — every tax, every regulation, every tariff — sends ripples through the system. Some people surf the waves. Others get drowned by them. Tariffs have long been used as a tool of economic warfare, a way for nations to protect their industries or punish their rivals. But under President Donald Trump, tariffs have become something else entirely: a high-stakes bargaining chip in a trade war that seems to have no end. According to CNN, his latest round of 25% tariffs on Canadian and Mexican imports, along with another 10% levy on Chinese goods, has thrown American businesses, workers, and consumers into a state of economic uncertainty. The White House insists tariffs will protect American industries, but history tells a different story. Prices are rising, businesses are struggling, and working-class families — many already battling inflation — will be forced to make tough choices. Tariffs In Context:...